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Sterling Bancorp merges with Astoria Financial in $2.2B deal

Mar 07, 2017 - New York Business Journal

Sterling Bancorp and Astoria Financial Corporation announced today that the two banking giants merged in a stock-for-stock transaction valued at roughly $2.2 billion.

The price tag was based on the closing price of Sterling Bancorp's (NYSE: STL) common stock on March 6, 2017.

Astoria Financial (NYSE: AF) had been exploring deal opportunities. The New Hyde Park, New York-based bank originally agreed to combine with New York Community Bancorp (NYSE: NYCB) but both companies' boards had...